
1. DATA AVAILABILITY

The data are confidential and cannot be shared publicly.

The data can be accessed by researchers through the Banque de France's open data room. See https://www.banque-france.fr/en/statistics/access-granular-data/open-data-room


2. CODE FOR DATA ANLYSIS

The code for the data analysis is in STATA. It is in the folder "dofiles".

The master file is "00_Master.do". It calls other do files that clean the raw data, construct the variables used in the paper, run the regressions and other data analyses, and produce all the tables and figures presented in the published paper and in the online appendix.


3/ CODE FOR WELFARE ANALYSIS

The code the welfare analysis presented in Section 6 of the paper is in R. It is in the folder "Welfare_Analysis_R/code".

The master file is "00_master.R". It calls other R files that produce the tables presented in Section 6. These tables are saved in the folder "Welfare_Analysis_R/output".

